Austrian Economics Overview / Ludwig von Mises

People generally believe that economics is of interest only to businessmen, bankers, and the like and that there is a separate economics for every group, segment of society, or country. As economics is the latest science to have been developed, it is no wonder that there are many erroneous ideas...

Deflation is not a matter of animal spirits or consumer expectations. It is the result of earlier creation of money "out of thin air" by central banks and commerical banks. Deflation is the natural result.